At a Congress plenary session, legislators on Tuesday night approved a law authorizing the withdrawal of 100% of Service Time Compensation (CTS) funds in order to meet the economic needs generated by the COVID-19 pandemic.
The regulation was approved with 71 votes in favor, 12 against, and 12 abstentions. At the request of Labor Commission Chair Daniel Oseda, the exemption of the second vote requirement was approved with 75 votes in favor, 14 against, and 8 abstentions.
The law authorizes workers to freely withdraw all their Service Time Compensation (CTS) accumulated deposits from financial entities, until December 31, 2021. It is going to be a one-time withdrawal option.
It also indicates that the Executive Branch shall issue, within a period of 10 days, the regulatory provisions to implement such regulation.
The head of the Labor Commission, Daniel Oseda, thanked the National Representation for supporting the regulation, adding that the withdrawal of such funds is optional.
"We appeal to the needs of workers dealing with the pandemic. I thank my colleagues who supported the regulation," he expressed.
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Published: 3/31/2021